Pension schemes newsletter June 21

an elderly couple work out their pension

Pension schemes newsletter June 21 A new pension schemes newsletter has been published by HMRC. The latest edition of the newsletter includes details of the following topics: Temporary coronavirus changes. HMRC has updated their guidance on a collection of temporary changes to certain pension processes to help scheme administrators during the coronavirus pandemic. The temporary […]

What is net income for pension relief purposes?

Pension spelt out in red on wooden blocks

The lifetime allowance is the maximum amount of pension and/or lump sum that benefits from tax relief. The lifetime allowance is currently set at £1,073,100. The annual allowance for tax relief on

NICs after reaching State Pension Age

NICs pension

NICs after reaching State Pension Age If you have reached the State Pension age and continue to work, in most cases you no longer need to pay employees National Insurance Contributions (NICs). At State Pension age, the requirement to pay Class 1 and Class 2 NICs ceases. However, you will remain liable to pay any NICs […]

What is pension credit?

coins are added into a jar labelled pension

What is pension credit? Pension Credit is an income-related benefit made up of 2 parts – Guarantee Credit and Savings Credit. Guarantee Credit tops up your weekly income if it’s below £173.75 (for single people) or £265.20 (for couples). You may still be eligible if you have savings, a pension or your own home. Savings […]

Pension schemes newsletter May 21

coins are added into a jar labelled pension

Pension schemes newsletter May 21 A new pension schemes newsletter has been published by HMRC. The latest edition of the newsletter includes details of the following topics: Spring Budget 2021. The government announced that there would be no changes to the annual allowance limit that will remain at £40,000 for 2021-22. The lifetime allowance also […]